This short article addresses several important (but less discussed) aspects of the introduction of central bank digital currency that give cause for concern, no matter whether such a currency is intended as a substitute or a complement to cash. It discusses potential effects, such as bank runs...

Reinforcing EU Governance in Times of Crisis The Commission Proposals and Beyond The extensive package proposed by the Commission on September 29, 2010, is the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union....

Der vorliegende Artikel liefert einen systematischen Überblick über die Ergebnisse empirischer Studien zu den Auswirkungen der Quantitativen Lockerung als einer unkonventionellen geldpolitischen Maßnahme auf das heimische Zinsniveau sowie auf die internationalen Zinsbeziehungen. Aufbauend auf...

Es herrscht breite Zustimmung, dass die Erweiterung des Euro-Währungsgebiets eine Reform des höchsten Entscheidungsgremiums der Europäischen Zentralbank erfordert. Der Reformvorschlag des EZB-Rates zur Neuordnung der Abstimmungsmodalitäten stärkt das Direktorium und soll die Diskrepanz...

The interest rate is generally considered as an important driver of macroeconomic investment characterised by a particular form of path dependency, "hysteresis". At the same time, the interest rate channel is a central ingredient of monetary policy transmission. In this context, we shed light on...

This study analyzes long-run and short-run dynamics between the current account and the real effective dollar exchange rates from a novel perspective. Applying multivariate cointegration techniques, we first test for a long-run relationship between the real effective dollar exchange rate and the...